"The Luxury real estate market in Vancouver was one of the most feverish in Canada and even attracted world attention - until 2016".
This is when local authorities implemented several new taxes.
Prices peaked in August 2016 and for the next 3 years, the luxury market in Vancouver continued at a much more muted pace.
Strangely the Coronavirus pandemic has played a role in promoting growth.
Vancouver will again be a top destination for offshore buyers of Luxury properties. Meanwhile, local buyers are seeking to upgrade and acquire more space which has been driving the Luxury Market during the pandemic.
An insightful read about the Luxury Market in Vancouver, BC. To finish the rest of the article click the link below, page 96-97! https://issuu.com/thereportgroup/docs/coldwell_banker_global_luxury_report_2021